Number-crunching may be something you do well for your clients, but it isn’t the only thing… or even the most important thing.
The primary role you take with your clients is that of TRUSTED ally, guiding them through the tax code and every regulatory change that comes down the pipeline.
One change that’s been dominating the news feeds over the last six months is Beneficial Ownership Information (BOI) reporting mandated by the Corporate Transparency Act (CTA). If they haven’t already reached out to you, your clients are going to look to you to help them understand it.
There’s a lot of confusion out there around this whole thing. People don’t really understand the implications. Some are even clueless to the requirements.
And, while this may not have to do with the tax code, it does affect your clients’ businesses (at least the corporations and LLCs).
While you could take a hands-off approach to this (after all, it’s not your job to keep them up on government requirements outside the tax code), it won’t serve your clients well. And that should matter to you. Your clients need you to take the initiative and help them stay compliant with all government regulations. Take this opportunity to demonstrate why they were right to choose you as their business advisor.
Because your clients WILL look to you to help them understand the legal requirements and the consequences of not heeding them (and they are significant if business owners don’t comply by December 31 of this year).
But what if you don’t know enough about the BOI requirements to authoritatively guide your clients on them?
That’s where Dominique Molina, CPA, long-standing friend of TaxProMarketer, and Founder of the American Institute of Certified Tax Coaches, comes in.
Dominique has spent a considerable amount of time looking into the CTA requirements, and she’s sharing everything that she knows.
In her conversation with TaxProMarketer owner, Nate Hagerty, and CEO, Christian Jones, she revealed how CPAs can simplify the intricacies of BOI regulations, communicate the ramifications for businesses, and help business owners understand the repercussions for noncompliance.
BOI reporting is a headache, but your clients need to know all about it to manage risk and build trust. You will be well-positioned to keep them informed and give them peace of mind… if you can get some of your questions answered first.
Questions like…
– What if a client alleges that you failed to advise them of repercussions when they fail to report?
– Which of your clients even need to report?
If these sound familiar, you’ll definitely want to tune in as Dominique gets to the nuts and bolts of those issues and gives you the tools you need to navigate BOI reporting with confidence.
Watch the full conversation here.
